Yuriy Ukazkin
⬤ Silver's price action just got interesting after smashing through a resistance level that held for months. XAG moved past this multi-month ceiling and kept climbing with real follow-through. The breakout happened after an extended consolidation phase, and it's marked a clear shift in how silver's been trading.
⬤ There's a completed cup and handle formation on the chart that developed under resistance throughout October and November. After forming that rounded base, silver consolidated briefly in the handle before breaking higher. What followed was an accelerated move up that confirmed the pattern and kicked off a new phase of upward momentum. That former resistance level—which had capped prices for several weeks—got exceeded decisively, signaling something's changed in market behavior.
⬤ Since the breakout, silver's advanced sharply while trading within an ascending broadening wedge. The expanding trendlines have guided price action higher since early December. Price is staying within this widening structure and keeps pushing toward the upper portion of the range instead of falling back below the breakout area.
⬤ Why does this matter? Because silver's now sitting in a technically strong position after months of going nowhere. The confirmed cup and handle breakout combined with continued strength within a broadening wedge shifts attention to the pattern's upper boundary—which sits above the $100 level. Silver's ability to hold above former resistance while advancing within the wedge shows a real change in medium-term trend structure. It also highlights the potential for more volatility as price approaches those higher levels within the XAG range.
Yuriy Ukazkin
